Smart Home Devices Grow Worldwide With Smarter Integrated Connection at Lower Prices
• The market of smart home devices is growing steadily due to the New Normal after COVID-19, where consumers want to touch various devices.
• The rising energy prices accelerate the need to adapt to sustainability. Smart home devices are often designed to reduce energy consumption, so they offer the perfect solution.
• Integrated connection helps consumers achieve modern lifestyle while spending less on these cutting-edge technologies.
Since the outbreak of the global pandemic and the conflict between Russia and Ukraine where the Western allies impose trade sanctions on Russia, fuel shortages and rising prices have become rampant. At the same time, sales of smart home devices are experiencing tremendous growth worldwide as one of the solutions to reduce energy consumption, improve security from cyber theft and diseases. For examples, humidity sensors to help monitor air quality, contactless devices, and automation system to help manage household chores. Accordingly, it is estimated that the global market of smart homes will reach $313.95 billion by 2027.
Smart home or home automation is a term used for various monitoring, control, and home automation solutions. A smart home system requires a web portal or smartphone app to interact with the automation. The devices then can be controlled automatically via Wi-Fi, allowing users to command functions at their fingertips, such as accessing a home security system, adjusting the temperature, lighting and home theater and many more which help residents simplify their daily life and household chores. As a result, they have more time to relax or focus on other activities that are more productive or can generate income.
According to the New York State Energy Research and Development Agency (NYSERDA), the benefits of using smart technology and real-time management systems are immense for both homeowners and tenants. For example, smart home devices can reduce cost spending by up to 15% and improve rental margin by creating an ecosystem that reduces energy loss and increase values that attract potential tenants who may be more willing to pay higher rental fees to live in smart homes. Also, this trend is becoming more and more popular in office buildings that need to be designed to comply with government regulations and reduce carbon emissions.
However, as the smart home market continues to grow, there is still a question about what kind of equipment and systems that are the stars in this market.
A survey data from Storm4, a GreenTech recruitment firm that connects innovative organizations with highly skilled talents, indicates the smart home industry in 2022 that North America has the largest market share. It is estimated that nearly 30 million US households will increase their use of smart home technology in the near future. This includes smart surveillance cameras and video doorbells with smart cameras, smart bulbs, smart locks, and smart speakers.
The trend of smart home devices is expected to move toward the next level as manufacturers combine the existing but unfulfilled needs of consumers with smart technologies. “Integrated connection" will become key in this move. For example, the system will be able to notify when homeowners are low on milk or eggs, and help add the items to the shopping list stored on the virtual assistant devices for an instant order. Another example is a smart kitchen device which will provide tutorial for users who don't have any basic knowledge of cooking with healthy recipes and various steps to create various dishes in detail and taste just like food made by experienced chef.
What’s more, in the next few years, AI and IoT devices are expected to become more common in every room in the house at more affordable prices. In addition to being smarter, refrigerators, ovens, microwaves, and other kitchen gadgets will also become more sustainable, such as electronic faucets that can be turned on by lightly pressing the top of the faucet and automatically turn off after. If the faucet is pressed for 1 second, the water will flow for only 1 minute, for example. For the bedroom, the smart system will be used to track sleep and help improve sleep quality.
The development of smart home security will go beyond the familiar standard of alarm. It will be able to detect the sound of broken glass and even warn homeowners in case of possible fires or other hazards.
With more advanced innovation and the increasing number of smart home devices developers who are more eco-conscious, this industry will continue to grow continuously and enable a more convenient and safer lifestyle for homeowners. More importantly, it will offer a better long-term sustainable solution for our one and only planet.